Gold Narrows Gains Due to Higher USD

Gold prices rose on Monday, with increased demand for safe havens helping the yellow metal make its way to a new record high.

Gold futures for December delivery rose by 0.3% to $1,992.10 per ounce, after trading as high as $2,009.50 per ounce.

A strong performance by the US Dollar, supported by positive economic data, led to the narrowing of the precious metal’s gains.

Meanwhile, silver futures decreased by 0.5% to $24.26 an ounce.

The Dollar index (DXY) is up by 0.27 at 93.60, after nearing the 94 level earlier today